Halal Tamweel

KMI sheds 33.44 points, fertilizer to attain focus

KARACHI: The stocks fell on Tuesday as investors stayed on the sidelines amid concerns over security in Karachi.

Shortened trading hours during the holy month of Ramadan also contributed to the drop in trade.

Prevailing financial results season couldn't spur investors and they remained very cautious throughout trading day. Government decision to end gas outages for fertilizer sectors to reduce spending amount on import of costly urea attracted investors toward fertilizer stocks and today FFC and FFBL remained in investor's focus.

Oil stocks nosedived except PPL, as its scrips gained on rumors of foreign interest. PSO stock lost 1.8 percent despite news that it has increased the prices of by Rs 3,000 per ton; it is expected that the stock annualized positive impact could be of approximately Rs 2.9 per share for FY12.

The KMI 30 share index went down by 33.44 points to close at 21,331.20 points as against 21,364.64 points, the closing figure of the last trading session. KMI 30 index witnessed dismal trading session as only 4.423 million shares were traded as compared to 12.356 million shares traded in the last session.

Foreign institutional investors' activity dropped as they were net buyers of Rs 50.7 million worth of shares, according to data issued by National Clearing Company of Pakistan Limited.

Fauji Fertilizer (FFC) once again as stood as the volume leader among Halal stocks with 0.816 million shares traded; the script gained Rs 0.38 in value ending the day at Rs 162.7 after opening at Rs 162.32. It was followed by Fauji Fertilizer Bin Qasim Ltd (FFBL) with 0.658 million shares traded; the scrip lost Rs 0.1 in value to close at Rs 46.89 after opening at Rs 46.99.

Lotte Pakistan (LOTTE) recorded trade of 0.561 million shares; down by Rs 0.15 to end at Rs 12.16. Among the Halal Stocks, Unilever Pakistan recorded highest price surge as it gained Rs 67.13 to close at Rs 5,996.83 per share. On the other hand, Shell Pakistan Ltd lost the most in value as it shed Rs 4.51 in value to end at Rs 215.47.